Innovative Process Management: A Strategic Weapon to Succeed in a Dynamic and Hyper Competitive Environment

Abstract

Various models have been developed to manage the innovative product development process. However, most of them are complex and add more cost in managing new product development process. In this study, we present a simple and cost effective model of innovative product development process management. The specialty of this model is that it logically demonstrates how integration of encouraging leader and innovative mind in new product development process (NPD) can make it efficient and cost effective. It also shows how leadership can fully concentrate on the first phase of NPD and how crossfunctional and innovative teams can be merged in a single team to develop a workable product.